Democrats always believe more government power to tax and spend is a good thing.
But the results are seldom what they expect.
And Joe Biden’s latest Big Government boondoggle is about to backfire big time.
Biden’s latest boondoggle
The Inflation Reduction Act is a wolf in sheep’s clothing.
The massive, multibillion-dollar bill is destined to backfire, likely causing a major upset for Dems during the midterms.
Not only will the new bill increase prices, but it’ll put every single American under an IRS-powered microscope.
How will raising taxes help Americans, exactly?
As per the usual playbook, the Democrats drafted a massive bill that will do little more than raise taxes, thus prices, for Americans.
While people suffer at the grocery store and gas pump, the Inflation Reduction Act won’t do much to help the average citizen.
Not only will this bill hurt people, but it will also squeeze the last bit of life out of small businesses, likely killing the American dream for many.
Perhaps the worst part is that this bill will now weaponize the IRS and send agents to audit people who have never even used an accountant.
To add insult to injury, according to CBO analysis, the bill would do nothing to reduce inflation this year, and very, very little to reduce it in 2023.
Yet Americans in every single tax bracket will see an increase in taxes, adding to the pain of inflation that’s already eating up savings and causing household debt to skyrocket.
Spending more money and raising taxes can’t soothe economic pain – and never will
The Inflation Reduction Act will cost an estimated $433 billion.
Democrats claim it will increase tax revenue by approximately $739 billion, which in theory would help to leave America in the black.
But are tax increases really the way to improve the economy?
When Americans notice higher tax bills and higher prices at the checkout line and gas pump, Democrats will pay the price during the Midterms.
There are plenty of issues people care about, but their wallet and the ability to pay the bills is usually at the top of the list.
If the Biden Administration and Senator Schumer think this bill will propel them forward, they’ve got another thing coming.
The most egregious part of this bill is the allocation of $80 billion designed to double the current number of IRS agents.
That means almost every single American will have their own personal tax auditor, turning all of us into an “enemy of the state.”
Killing the middle class will backfire
The bill also adds a 15% “corporate alternative minimum tax” that forces companies with profits over $1 billion to pay a tax rate of 15% or more.
According to the Tax Foundation, this one provision could reduce our GDP by 0.1% and eliminate tens of thousands of jobs.
People are already angry and broke, so how will killing jobs and raising taxes translate in the Midterms?
It’s likely going to backfire big time, causing more people to use their voices at the polls this fall to vote against these socialist cronies.
Virtually every industry will feel the pain, from manufacturing to coal and more.
This November we’ll see just how this massive tax-and-spend bill plays out at the voting booth.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
